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HomeCrypto NewsMarketRipple CEO and CLO Slam SEC for “Getting Battered in Court”

Ripple CEO and CLO Slam SEC for “Getting Battered in Court”


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Brad Garlinghouse and Stuart Alderoty slam the SEC after a US court ordered the regulator to review its decision on Grayscale’s spot Bitcoin ETF application.

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Ripple executives have also joined the crypto community in celebrating Grayscale’s court win over the SEC.

Grayscale Triumphs Over SEC in Spot Bitcoin ETF Case

For context, the District of Columbia Court of Appeals ruled in favor of Grayscale against the SEC yesterday. The court ordered the SEC to review the decision that saw it reject Grayscale’s application to launch a spot Bitcoin exchange-traded fund (ETF).

As expected, the market turned bullish, with the prices of different cryptos soaring.  Commenting on the development, Ripple CEO Brad Garlinghouse and Chief Legal Officer (CLO) Stuart Alderoty slammed the Securities and Exchange Commission following the court’s ruling.

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Notably, the Grayscale victory comes less than a month after Ripple scored a partial victory against the SEC.

Alderoty Says SEC Has Been Battered in Court

In a tweet yesterday, Alderoty said the SEC is being battered in court. Alderoty drew attention to some of the highlights of the Ripple case, where a district court bashed the SEC.

Per Alderoty, the SEC was proved wrong in the Ripple case, described as hypocritical and lacking faithful allegiance to the law. He also mentioned that the court fined the securities regulator for “discovery abuse.”

Furthermore, Alderoty referenced the Grayscale ruling, where the court described the SEC’s denial as arbitrary and capricious.

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“That’s a really big deal,” he said.

Ripple CEO Celebrates Legal Victories Against SEC

Reacting to Alderoty’s tweet, Garlinghouse said the recent victories against the SEC feels like a “Summer of Justice.”

However, he expressed disappointment that crypto-related businesses would have to resort to legal actions “to prove this SEC is out of control and consistently wrong on the facts and the law.”

Meanwhile, Ripple execs have consistently bashed the SEC over its crypto regulation. Alderoty, in particular, accuses the SEC of regulating the crypto space by enforcement, instead of by law.

SEC v. Ripple Case

Ripple has faced the SEC squarely in a heated legal battle lasting over two years. Although the court has issued its summary judgment, the case may still linger for another two years or more, as the SEC is set to appeal the parts of the ruling Ripple won.

As reported, the SEC wants to appeal the decision on Ripple’s programmatic sales of XRP and other distributions.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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